Pomeranian is a crypto project looking to bring “normies” back to the crypto sector. It promises unique features that the team hopes to set them apart from many other projects. The project’s roadmap and vision statement illustrate the extensive labor behind making Pomeranian a valuable asset for the community. Let’s look at Pomeranian, review its features, and how it works. What is Pomeranian, and What Are Its Unique Features? Pomeranian is a Layer-1 EVM-compatible blockchain built to bring everyday people…
It’s without a doubt that blockchain technology has brought an enormous change in the finance industry. The distributed ledger technology (DLT) has dramatically transformed well-established financial institutions by improving transparency, lowering transaction costs, allowing faster transaction execution, and creating audibility of operations. For instance, blockchain technology has enhanced digital payments in the banking industry, introduced smart contracts, and integrates cryptography in a shared database to enhance transparency.
But while blockchain technology has enormously transformed the finance sector, mainstream adoption is quite slow. This is largely attributed to interoperability and scalability, the major hindrances in realizing the full potential of blockchain technology in the finance sector.
However, FUSION is a workable solution for the usability and scalability challenges witnessed in the various blockchain ecosystems within the finance sector. Project FUSION is an all-inclusive crypto finance platform that solves the bottlenecks of interoperability and scalability to offer an extensive range of financial leveraging blockchain technology. Here is a comprehensive review of this exciting platform.
FUSION Project Overview
Established in 2017, FUSION offers a comprehensive solution for interoperability challenges experienced across multiple blockchain ecosystems. The platform solves interoperability by linking cross-chain platforms (Bitcoin, Ethereum, Litecoin, etc.), cross-organizations (banks, insurance, exchange), and cross-data sources (index, stock prices, etc.) to create an all-in-one crypto finance platform. The platform also links centralized and decentralized organizations and also integrates both on-chain and off-chain data.
FUSION links different types of blockchains by employing distributed network nodes to control various types of tokens’ private keys and create a control and management unit. The project is open-source and rewards community members who contribute to the project to make it better.
Its inherent coin-Fusion coin powers the FUSION project. The coin employs a hybrid consensus model, i.e., PoS/PoA. In the hybrid consensus, the PoS consensus is used to select a winning node, validating the transaction and adding it to the block. The platform’s PoS, also referred to as TPOS consensus, is unique – it uses Time Value for staking.
Dejun (DJ) Qian is FUSION’s founder and CEO. DJ is also the founder of BitSE- a company that deals in a wide range of blockchain developments and infrastructure such as Qtum and VeChain. Since its launch, FUSION has struck several partnerships via the DCRM alliance, which brings onboard government partners, business institutions, and fintech companies looking for decentralized finance solutions using DCRM.
How Does FUSION Solve Interoperability? – Decentralized Control Rights Management (DCRM)
At the heart of FUSION is the Distributed Control Rights Mechanism (DCRM). DCRM was developed with four leading cryptographers- Pascal Paillier, PH.D., Rosario Gennaro, Steven Goldfeder, PH.D., and Louis Goubin. The technology is designed for adoption enabling distributed systems to integrate into any on-chain or off-chain workflow. In other words, DCRM allows different blockchain networks to integrate into the FUSION network and communicate while still maintaining their different features.
DCRM provides blockchain interoperability by leveraging the LILO (Lock In-Lock Out) function. LILO is basically a portal that allows you to deposit and lock your assets from any blockchain network into the Fusion network. A unique address, i.e., private keys are created for users, enabling them to control their assets from different blockchain networks to withdraw them. Private Keys also offers unparalleled security to users’ assets.
FUSION claims that DCRM completely solves the massive problem of interoperability. It’s more powerful than atomic swaps, more secure than sharded key storage schemes, and much safer and cheaper than multi-signatures schemes.
Features of FUSION’s DCRM
- Private Keys Generation – DCRM automatically generated Private Keys for users to protect and control their assets.
- Distributed Transaction Signature – DCRM enables the execution of transactions after the nodes reach a consensus.
- Cross-Chain and Cross-System – DCRM allows the transfer of assets across heterogenous blockchains via decentralized custodian models that hold the assets.
- Liquidity and Security – DCRM offers a great deal of liquidity and security. It’s distributed key management scheme can be used as either a non – custodial solution for DeFi platforms or as a secure hot wallet solution for more centralized platforms such as wallet providers, custodians, exchanges, etc.
- Multiple Signatures – DCRM offers uncompromised asset security by necessitating multiple signatures during a transaction both on on-chain and off-chain workflow.
- Settlement Network – DCRM allows users to strengthen the blockchain network by creating a private and robust settlement network. A settlement network enhances the security of the network and also prevents network centralization.
Another unique feature in the FUSION project is the Time-Lock feature. This function allows users to monetize digital assets’ time-value and seamlessly model time-based transactions on the blockchain. The Time-Lock feature is an excellent innovation in the blockchain space, given the intense volatility of crypto coins. Thanks to the Time-Lock function, smart contracts now include a third factor-time enabling asset holders to monetize their assets’ time-value. On the platform, future and derivatives’ value corresponds with time. Additionally, staking is much more realistic and profitable when the time factor is added.
FUSION Use Cases
FUSION’s financial and blockchain interoperability, as well as the property of expressing asset ownership over time, gives it a couple of use cases.
- Rights of ownerships- FUSION allows users to give digital assets, including options, futures, bonds, ownership rights, and time value. In turn, digital assets gain more functionality and value.
- Develop an Exchange- For blockchain developers, FUSION enables you to create a low-fee transaction platform with an ideal asset. FUSION allows you to create an extensive range of blockchain platforms, including private exchange, centralized exchanges, decentralized platforms, etc.
- Issue and Manage Licenses & Royalties- Thanks to the Time-Lock feature, FUSION makes it possible to issue licenses digitally when an expiration date. Similarly, you can collect royalties for your creative content or intellectual property via the platform and eliminate delays and middle-men.
- Convert your content to an Asset- Through FUSION, you can digitize your creative content such as a song into an asset. You can then confer the time-lock function to the token and sell it to listeners and digital service providers.
- Manage Foreign Exchange Risk- FUSION enables you to manage foreign exchange risk via the Quantum swap time lock feature. This function locks the price to USD Stable Coin and EUR Stable Coin, averting price changes.
- Manage Property- FUSION enables you to manage your property by digitizing the access keys to the smart locks and dictating the exact period of access using time-locked tokens. When this token expires, your property will not be accessible. This feature is ideal for rented properties to eliminate physical dependencies and enhance operations as well as transparency.
FUSION is a revolutionary project in the crypto space looking to power the next wave of financial innovation on the blockchain. The platform solves the massive problem of interoperability between different blockchain ecosystems, contributing to widespread blockchain adoption. Additionally, the Time-Lock function brings about time in digital assets enabling asset holders to easily monetize the time-value of their assets and express asset ownership over time. In the future, FUSION will transform the crypto finance space by providing an optimal technical environment for financial innovation involving blockchain technology.